Water Supply & Management industry

9 companies · ₹22,387 cr · 7 with AI deep dives · Q1FY27 report

Historic order books meet impaired cash conversion; government payment delays undercut the mid-cycle read

Mid cyclemargin range-bound near 12.6%

Revenue YoY: +23.8%
EBITDA margin: 12.6%; -410bps YoY
Price, 1 year: -29.8%; 20% of names up
P/E vs own 5y: -24.6%; 21.4x now

Exhibit 1The quarter in numbers

constant panel of 4 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	2,610 cr	3,603 cr	-27.6%	2,108 cr	+23.8%	3,603 cr	-27.6%
EBITDA margin	12.6%	11.6%	+100bps	16.7%	-410bps	16.7%	-410bps

Revenue

Jun 26: 2,610 cr
Mar 26: 3,603 cr
QoQ: -27.6%
Jun 25: 2,108 cr
YoY: +23.8%
Peak: 3,603 cr
vs peak: -27.6%

EBITDA margin

Jun 26: 12.6%
Mar 26: 11.6%
QoQ: +100bps
Jun 25: 16.7%

Sept 26: 0 of 6 reported so far, so it is not in the trend above.

Breadth: 80% of 5 companies grew revenue year on year (was 100% a quarter earlier) and 0% expanded margin (was 20%).

Exhibit 2What it costs

14.71x - 33.05x across the panel today

The median name trades at 21.4x, -24.6% against this industry's own 5-year median of 28.4x, and -51.5% against its own peak of 44.1x.

Exhibit 3Structure

₹22,387 cr

Va Tech Wabag Ltd is 47.8% of this industry by market cap. The top 5 are 94.1% and the top 10 are 100%.

mid 1small 3micro 56 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 21.4x, 5y ROCE above its median of 19.08%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (9 of 9)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Va Tech Wabag Ltd	₹10,670 cr	27.0x	19.2x	21.3%	12.1%	+20.8%	Unlock
Ion Exchange (India) Ltd	₹4,861 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindRecord order books provide multi-year revenue visibility across EPC players5 managements

Five of six covered companies described order books at or near record levels, with book-to-bill above 2x revenue in most cases. WABAG's INR 19,400 crore backlog is the highest…

WABAG (Q1 FY27): “Our order book position reached a historic high of INR 194 billion, that is INR 19,400…”

headwind4 managements headwind4 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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